Gary Gensler to Resign as SEC Chairman on Trump's Inauguration Day

The US Securities and Exchange Commission (SEC) has confirmed that Gary Gensler will step down on January 20, 2025, the day Trump takes office.

After much speculation, SEC Chairman Gary Gensler has confirmed that his term will end early on January 20, 2024, the day Donald Trump officially becomes the 47th President of the United States.

Mr. Gensler said that his time working at the SEC has been “the honor of a lifetime,” and thanked President Biden for entrusting him with this important responsibility.

The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprise true public servants.

— Gary Gensler (@GaryGensler) November 21, 2024

Read the full announcement: https://t.co/BQh5yqPYQs

— Gary Gensler (@GaryGensler) November 21, 2024

Mr. Gary Gensler became Chairman of the SEC in April 2021. Under Gensler's tenure, the US Securities and Exchange Commission has had many important policies for the US stock market, with many regulations requiring companies to increase transparency, strengthen auditing, as well as take legal action against individuals and organizations that violate, collecting fines of up to 21 billion USD.

However, in the eyes of the crypto industry, Gary Gensler has become a "villain" when he continuously suppresses companies in this field with continuous lawsuits and warning letters, despite the fact that the US has not yet issued federal regulations on crypto management.

As reported, in 2024, the SEC still has lawsuits with securities allegations against exchanges Coinbase, Binance, Kraken, Crypto.com; issued securities warnings against blockchain infrastructure companies Ripple, Consensys; layer-1 Immutable, stablecoin project TUSD, DeFi project Mango Markets, NFT exchange OpenSea, DEX exchange Uniswap; pressured to prevent ETF Solana, forced eToro and Terraform Labs to pay fines, ...

Mr. Gensler and the SEC were recently sued by 18 US states for allegedly abusing their power in the process of suppressing crypto.

Unpopular with the majority, Donald Trump during his campaign stated that one of his first decisions after returning to the White House would be to fire Gary Gensler. Trump has yet to announce a candidate for the position of SEC Chairman, but the US media has listed potential names as officials with progressive views on crypto, notably lawyer Teresa Goody Guillén.

In a statement released last week, Gary Gensler still called on the US Congress to give the agency more power to regulate the cryptocurrency market more effectively.